Assignment (1)

Deadline: Saturday 05/03/2022 @ 23:59

Course Name: Principles of Accounting Student’s Name:
Course Code: ACCT 101 Student’s ID Number:
Semester: 2nd CRN:
Academic Year: 1443 H

For Instructor’s Use only

Instructor’s Name: Khaled Almuaqel
Students’ Grade: /10 Level of Marks: High/Middle/Low


  • The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.
  • Assignments submitted through email will not be accepted.
  • Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page.
  • Students must mention question number clearly in their answer.
  • Late submission will NOT be accepted.
  • Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.
  • All answers must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism.
  • Submissions without this cover page will NOT be accepted.

Assignment Question(s): (Marks 10)

Q1. Discuss three of the accounting principles. Provide an example for each principle (3 Marks).

Q2. “Accounting takes in the process of Identifying, Recording and Communicating”. How would you explain the statement? Support your answer with examples on Identifying, Recording and Communicating. (3 Marks).

Q3. Record the journal entries for the following transactions (2 Marks).

  1. ABC paid salaries of SR800 to employees.
  2. ABC purchased equipment for SR2,000 cash.
  3. ABC purchased SR5,000 of merchandise on credit.
  4. ABC Borrowed SR10,000 from AL Rajhi Bank.

Q4. In what aspects are merchandising companies different from service companies (2 Marks).


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